illexpenseit

Account Manager

BOA ends cold calls by trainee brokers. What are your thoughts on cold calling?

As the title explains, Bank of America is stopping their Trainee Brokers from being able to cold call after some problematic calls over the last year, and specifically are rolling out a program where they focus on internal referrals and LinkedIn messages.

What are your thoughts around this?

https://www.wsj.com/articles/bank-of-americas-merrill-lynch-to-ban-trainee-brokers-from-making-cold-calls-11621850400#:~:text=Bank%20of%20America%20Corp.'s,would%20pick%20up%20the%20phone. Bank of America’s Merrill Lynch to Ban Trainee Brokers From Making Cold Calls In a shift for a program that dates back to 1945, recruits will now be directed to use internal referrals and LinkedIn messages to prospect for new clients.

How do you feel about cold calling?

Attached poll

Important to the job Waste of time Warm calls only!

*Voting in this poll no longer yields commission.

💌 Cold Emailing

📞 Cold Calling

7

8 comments

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Beans

Big Shot

4

Enterprise Account Executive

Cold calling is 100p a skill every one in sales should have, and no talented rep should ever be above doing.

BmajoR

Arsonist

2

Account Executive

I agree, its like that saying "successful people do the things unsuccessful people don't want to do" and in the case of sales, I think cold calling fits that description. People have gotten too comfortable with relying on outreach through messaging whether its email or LI. Want to consistently outperform others? Pick up the phone and dial.

Chep

WR Officer

3

Bitcoin Adoption Specialist

Weak sauce. My boy sent me this in one of our group chats and we all agreed this is a dumb idea. Train your cold callers to be professional and give them the option to hang up on a Prospect if they are being a complete asshat. So many LinkedIn messengers out there. The best way to break through the noise is to pick up the phone.

illexpenseit

Opinionated

1

Account Manager

I agree 100%. Sounds to me like BOA had an issue with training.

Rallier

Politicker

3

SDR Manager and Consultant

There's a huge difference in what they were doing and what most salespeople do. They were completely ignoring DNC lists. Not to mention it's purely B2C

CaneWolf

Politicker

1

Call me what you want, just sign the damn contract

They have the data to back it up so it's not like this decision was made out of the blue. It's also worth noting that they don't expect for these folks to continue cold outreach in the future. It doesn't seem as important for their skillset. It probably makes sense.

The one group this can really suck for is people who come from backgrounds that aren't of means.

TheRealPezDog

Notable Contributor

0

Account Manager

Well, cross BOA off my list, not that I wanted to work for those fucking scumbags anyway.

BigShrimpin

Catalyst

0

Account executive

Even if you only use it for your first role nothing will help you rip the bandaid that is fear of rejection off like 1000 cold calls

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